Neurostimulation Devices Market, With CAGR Of 14.2% From 2013 to 2020, Set To Witness Robust Growth, Emerging Economies Expected To Generate Significant Demand

August 2116:462015

Hexa Research Provide Detailed report on Neurostimulation Devices Market, Pain management proved to be the largest application of neurostimulation devices in 2012 and contributed more than 65% to the total demand that year.

A recent study by Hexa Research revealed that limited range of treatment choices relating to medical conditions like epilepsy, Alzheimer’s disease, Parkinson’s disease, migraine headaches, etc. is one of the key drivers of the global neurostimulation devices market. An upcoming application area is the use of neurostimulation devices for therapeutic purposes, commonly referred to as neuromodulation. The neurostimulation devices market is benefitting from technological advancements like the transdermal neuromodulation technology by Neurowave Medical Technologies and MRI safety-enabled devices by Medtronics, Inc. Rising elderly populace – a high risk demographic for Parkinson’s and Alzheimer’s, is also driving market growth. Accelerated demand for neurostimulation devices in the future years is expected to result from untapped market opportunities in emerging economies of Asia as well as Latin America and the growing number of externally funded clinical programs for development of new products.

Hexa Research identifies spinal cord stimulation devices, vagus nerve stimulation devices, gastric electric stimulation devices, deep brain stimulation devices, and sacral nerve stimulation devices to be the key product segments in the neurostimulation devices market. Spinal cord stimulation devices, with a contribution of more than half to the total revenues, were the dominant product segment in 2012.

Pain management proved to be the largest application of neurostimulation devices in 2012 and contributed more than 65% to the total demand that year. This was chiefly due to high incidence of conditions characterized by chronic pain and notable therapeutic effects offered by neurostimulation devices.

While North America contributed around 64% to the total revenues in 2012, Asia Pacific is likely to grow the fastest in future. Fast-developing economies like India and China will result in the Asia Pacific neurostimulation devices market growing at CAGR higher than 16% from 2013 to 2020.

Growing geriatric population base and rising incidences of target diseases such as Alzheimer’s and Parkinson’s are the major drivers for this market. As per an estimate by the Alzheimer Disease International 36 million people globally had Alzheimer’s or a related dementia. Limited treatment options for diseases such as migraine and epilepsy has led to high unmet medical needs of patients in this segment, and thus is a high impact rendering driver for the neurostimulation devices market. Spurred use of neuromodulation devices as an add-on therapy, growing demand for minimally invasive surgery and the technological advancements such as Neurowave Medical Technologies transdermal neuromodulation technology and MRI safety enabled neurostimulator by Medtronic, are expected to further augment the growth of the neurostimulation devices. Untapped, rapidly growing markets of Asia and Latin America have presences of abundant unmet needs and thus offer future growth opportunities to the neurostimulation devices market. Manufacturing neurostimulation devices is an expensive manufacturing process the manufacturers thus, are adhering to outsourcing as an attempt to reduce the costs and maximize the overall profit margin. The key manufacturers are Boston Scientific Corporation, Cyberonics, Medtronic Inc. and St. Jude Medical.

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